I am looking through MLS online tonight and I find it amazing that if a homebuyer is looking in Highland Park or University Park for a home that is priced between $1million and $2million you have a selection of 203 homes. I am estimating that is approximately a 17-month supply. Currently there are 14 homes with contracts pending and only 12 homes have closed in 2009 in this price range.
Buyers should take advantage of this huge selection of homes in this price range – In a normal market, there might be a 6-month supply of homes.
And for sellers, it’s more important than ever for your homes to be priced “ahead of the market” to be competitive, which means that they need to be priced at or below the current homes that have sold – Stay away from trying to price your home similarly to the current active homes … there are too many to compete with.